Chinese authority shut down blockchain center

According to the notification issued by China’s Ministry of Civil Affairs on April 20th, the China Investment Association has illegally set up an international blockchain development center under its Foreign Investment Professional Committee. After an investigative interview conducted by the Social Organization Administration of the Ministry of Civil Affairs, the China Investment Association promised to immediately cease all related work for the blockchain development center.

On March 13, 2018, the China Investment Association issued the “Approval for the Establishment of the China Investment Association’s Foreign Investment Professional Committee’s International Blockchain Investment Development Center”, and prepared for the establishment of an international blockchain development center under its Foreign Investment Investment Committee. This decision has violated the Article 14 of the Regulations on the Registration of Social Organizations and the Circular of the Ministry of Civil Affairs.

The China Investment Association admitted that it did not strictly supervise the work of its committee, and promised to immediately carry out rectification and correction on March 23, 2018.